Answer:
Journal Entries
Dr. Cr.
Sale of Merchandise
a. Account Receivable $4,240
Sales $4,000
Sales Tax Payable $240
Cost of Goods Sold $2,360
Merchandise Inventory $2,360
b. Payment of Sales Tax
Sales tax Payable $42,110
Cash $42,110
Explanation:
Sales of Merchandise increase the account receivable and tax liability as well. Inventory has been reduced by the cost of merchandise.
Tax is paid and sales tax liability is reduced along with cash.
Answer:
b. $23,350
Explanation:
The computation of final balance in fatal work-in-process inventory is presented with the help of spreadsheet as attached below:-
The formula is presented below:-
Amount of Over-allocated Overheads = Percentage of overhead applied × Over-allocated Overheads
Account Balance after = Account Balance before - Amount of Over-allocated Overheads
Therefore the correct answer is b. that is $23,350
school or expirence and the knowledge to do it and th ejob right
Prior to closing, a final walk through of the property should be performed to ensure that everything has remained as stated in the sales contract. The walk through is generally completed by the: buyer
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Explanation:</u></h3>
In real estate field final walk through refers to the inspection that is carried out finally before signing the documents. The local purchase and sales contract determines the time period at which the final walk through must be taken place. It helps the buyer to ensure the conditions to the property before signing the legal documents.
A final walk through helps a buyer to inspect whether all the things that are stated in the sales contract are fulfilled by the seller. Hence, it must be completed only by the buyer. If the seller has mentioned some modifications or repairs to be done then it should also be completed as per the stated requirements of the buyer.
Answer:
What is the value of the shareholders’ equity account for this firm?
14150
Explanation:
Current Assets 6000
Net fixed assets 25100
Assets 31100
Current Liabilities 4950
Long term debt 12000
16950
ASSET-LIBILITIES=EQUITY
31100-16950=EQUITY
EQUITY=14150
